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Lists of allowances free of charge per airline
Download list of allowances free of charge per aircraft operator
Limited list including market share 2010 tonne km, market share total Aviation Allowances (EUAAs) and fuel baseline covered by free allowances.
Interested in the full list? See publications
Limited list including market share 2010 tonne km, market share total Aviation Allowances (EUAAs) and fuel baseline covered by free allowances.
Interested in the full list? See publications
Newsletters
EU ETS Update for Airlines January 2012
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Airlines will face a collective shortfall of 56 million emissions allowances in 2012
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Banking of 2012 EUAAs and borrowing of 2013-
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Opening of a operator holding account in the European registry
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EUROCONTROL will open support function in January
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Publications
“Nothing wrong with being smart in the EU Emissions Trading System -
for EU ETS managers in the aviation sector”
This publication for managers responsible for the EU ETS in the aviation sector will be released in February 2012 and provides in-depth information about compliance and financial trading in the EU ETS and
recommendations from leading top experts to reduce costs and to make use of financial opportunities in the ETS.
Price 640 EUR
(50 % reduction for participants in the training course)
recommendations from leading top experts to reduce costs and to make use of financial opportunities in the ETS.
(50 % reduction for participants in the training course)
Key Dates
1 January 2012: Start of the third monitoring period for annual emissions.
28 February 2012: Member states will issue allocated allowances free of charge to ETS operators for 2012.
28 February 2013: Issuing of free allowances for 2013
31 March 2013: Final date for receipt of the 2012 verified annual emissions report.
30 April 2013: Deadline to surrender allowances against reportable 2012 emissions
The Kyoto Protocol adopted in Kyoto, Japan, on 11 December 1997, excluded emissions from international aviation services from national emissions targets, and stipulated that an approach to addressing emissions from international aviation should be developed separately through the International Civil Aviation Organization (ICAO). Owing to a lack of consensus over whether and how to allocate responsibility for these emissions, only domestic CO2 emissions are included in the Kyoto Parties’ national emission totals. Emissions from international flights are not subject to the quantified emissions limitations taken on by the countries which ratified the Kyoto Protocol.
The European Commission proposed in February 2005 that international aviation should be included in any post-2012 climate change regime. A new directive 2008/101/EC of the European Parliament and of the Council of the European Union requires all aircraft operators flying into or out of any EU airport to participate in the EU’s emissions trading scheme (ETS) from 2012.
The European Greenhouse Gas Emissions Trading Scheme has been operational since January 2005 for some 12 000 installations in the 27 Member States ranging from oil refineries and power plants to cement, iron and ceramic production facilities. Emissions from these sectors account for nearly 40 % of the European Union total greenhouse gas emissions.
Companies under the trading system are given allowances which represent the right to emit a specific amount. Companies that emit in excess of their allowances must buy allowances on the carbon market or from an operator that has more allowances than it needs.
In addition to the 27 EU Member States, the EU ETS for aviation covers three EEA-EFTA States (Iceland, Liechtenstein and Norway) and will extend to Croatia by 1 January 2014 due to the country's planned accession to the EU on 1 July 2013. It will thus soon cover 31 countries.
EU aviation allowances (EUAAs) will be issued, which are not valid for surrendering for emissions by other than aircraft operators. Aircraft operators are allowed to surrender EU Allowances (EUAs) in addition to EUAAs.
EUAAs will be issued as a percentage of the historical aviation (baseline). The historical aviation emissions being defined as the arithmetic mean average of annual emissions from aircraft operators during 2004-2006.
Those emissions amounts to 221.4 Mt CO2. The 2012 cap is 97% of the baseline. In 2012, 85% of the cap is allocated to operators free of charge, (182.6 Mt) and 15% offered at auction (32.2 Mt).
The 2013-2020 cap is 95% of the baseline. 82% of this cap is allocated to operators free of charge (172.5 Mt), 15% offered at auction (31.6 Mt) and 3% held in reserve for new entrants and fast growing operators (50 Mt).
As emissions from aviaton are expected to exceed the cap on EUAAs most operators will be required to buy additional EUAs for compliance needs. Because of the relative scarcity of EUAAs and generally smaller amounts involved, market liquidity for EUAAs will be lower than for EUAs.
The European Greenhouse Gas Emissions Trading Scheme has been operational since January 2005 for some 11 000 installations in 30 European states ranging from oil refineries and power plants to cement, iron and ceramic production facilities. Emissions from these sectors account for nearly 50 % of the European Union total greenhouse gas emissions.
The scheme is based on Directive 2003/87/EC, which entered into force on 25 October 2003. Emission trading is an economic policy instrument used to control emissions by providing economic incentives for achieving emission reductions. An emission trading system sets a cap on the amount of a pollutant that can be emitted.
Aircraft operators may apply for an allocation of allowances that are to be allocated free of charge (82% of emission allowances will be allocated for free in 2012). An application may be made by submitting to the competent authority in the administering Member State verified tonne-kilometre data for the aviation activities in 2010.
About 920 aircraft operators applied for free allowances. These airlines will receive 0.0006797 allowances per tonne-kilometre in 2012 while in the period 2013 to 2020 airlines will receive 0.0006422 allowances per tonne-kilometre.
From 1 January 2012 all flights which arrive at or depart from an airport situated in the territory of a Member State to which the Treaty applies shall be included in the EU ETS.
A ‘flight’ is the operation of an aircraft from the moment the aircraft first moves under its own power (block-off) for the purpose of taking off until the moment it comes to rest after landing (block-on).
Not included are categories such as military flights, customs and police flights, flights related to search and rescue, fire fighting flights, humanitarian flights, flights performed exclusively under visual flight, training flights, flights performed by aircraft with a certified maximum take-off mass of less than 5 700 kg and flights performed in the framework of public service obligations on routes within outermost regions or on routes where the capacity offered does not exceed 30 000 seats per year and commercial aircraft operators operating fewer than 243 flights per period for three consecutive four-month periods or operating flights with a total annual emissions lower than 10 000 tonnes CO2
An aircraft operator making use of the simplified procedure and exceeding the threshold for small emitters during a reporting year shall notify this fact to the competent authority. Unless the aircraft operator demonstrates to the satisfaction of the competent authority, that the threshold will not be exceeded again from the following reporting period onwards, the aircraft operator shall update the monitoring plan to meet the monitoring requirements. The revised monitoring plan shall be submitted without undue delay to the competent authority for approval.
General rules of the Emission trading system
The allocation methodology for the distribution of allowances to aircraft operators will be based on the verified tonne-kilometre data and the total quantity of allowances for the air transport sector at the European level.
The annual issuance of allowances to operators must take place before March of each year. So an aircraft operator will receive the allowances for the year 2012 before March of that same year.
Each operator under the EU ETS has to have a greenhouse gas permit before it can operate. This permit is the monitoring plan. This plan lays down the rules that have to be followed when reporting the CO2 emissions data under the EU ETS. Each year, before April, the aircraft operator has to report the amount of CO2 emissions that have been emitted in the previous year. This report has to comply with the rules of the monitoring plan and has to be verified by an accredited verifier appointed by the operator. Aircraft operators will therefore not be able to appoint an accredited verifier before this time.
Aircraft operators are obliged to match the (verified) emissions with an equal amount of allowances. This is called ‘surrendering’ of allowances. Each aircraft operator has to surrender the allowances (of the previous year) before May of the ongoing year. If an operator is short of allowances it will have to buy allowances from an installation or aircraft operator that has more allowances than needed to cover the verified emissions. A company that does not surrender enough allowances will be fined and will still be obliged to surrender the missing allowances.
28 February 2012: Member states will issue allocated allowances free of charge to ETS operators for 2012.
28 February 2013: Issuing of free allowances for 2013
31 March 2013: Final date for receipt of the 2012 verified annual emissions report.
30 April 2013: Deadline to surrender allowances against reportable 2012 emissions
The Kyoto Protocol adopted in Kyoto, Japan, on 11 December 1997, excluded emissions from international aviation services from national emissions targets, and stipulated that an approach to addressing emissions from international aviation should be developed separately through the International Civil Aviation Organization (ICAO). Owing to a lack of consensus over whether and how to allocate responsibility for these emissions, only domestic CO2 emissions are included in the Kyoto Parties’ national emission totals. Emissions from international flights are not subject to the quantified emissions limitations taken on by the countries which ratified the Kyoto Protocol.
The European Commission proposed in February 2005 that international aviation should be included in any post-
The European Greenhouse Gas Emissions Trading Scheme has been operational since January 2005 for some 12 000 installations in the 27 Member States ranging from oil refineries and power plants to cement, iron and ceramic production facilities. Emissions from these sectors account for nearly 40 % of the European Union total greenhouse gas emissions.
Companies under the trading system are given allowances which represent the right to emit a specific amount. Companies that emit in excess of their allowances must buy allowances on the carbon market or from an operator that has more allowances than it needs.
In addition to the 27 EU Member States, the EU ETS for aviation covers three EEA-
EU aviation allowances (EUAAs) will be issued, which are not valid for surrendering for emissions by other than aircraft operators. Aircraft operators are allowed to surrender EU Allowances (EUAs) in addition to EUAAs.
EUAAs will be issued as a percentage of the historical aviation (baseline). The historical aviation emissions being defined as the arithmetic mean average of annual emissions from aircraft operators during 2004-
Those emissions amounts to 221.4 Mt CO2. The 2012 cap is 97% of the baseline. In 2012, 85% of the cap is allocated to operators free of charge, (182.6 Mt) and 15% offered at auction (32.2 Mt).
The 2013-
As emissions from aviaton are expected to exceed the cap on EUAAs most operators will be required to buy additional EUAs for compliance needs. Because of the relative scarcity of EUAAs and generally smaller amounts involved, market liquidity for EUAAs will be lower than for EUAs.
The European Greenhouse Gas Emissions Trading Scheme has been operational since January 2005 for some 11 000 installations in 30 European states ranging from oil refineries and power plants to cement, iron and ceramic production facilities. Emissions from these sectors account for nearly 50 % of the European Union total greenhouse gas emissions.
The scheme is based on Directive 2003/87/EC, which entered into force on 25 October 2003. Emission trading is an economic policy instrument used to control emissions by providing economic incentives for achieving emission reductions. An emission trading system sets a cap on the amount of a pollutant that can be emitted.
Aircraft operators may apply for an allocation of allowances that are to be allocated free of charge (82% of emission allowances will be allocated for free in 2012). An application may be made by submitting to the competent authority in the administering Member State verified tonne-
About 920 aircraft operators applied for free allowances. These airlines will receive 0.0006797 allowances per tonne-
From 1 January 2012 all flights which arrive at or depart from an airport situated in the territory of a Member State to which the Treaty applies shall be included in the EU ETS.
A ‘flight’ is the operation of an aircraft from the moment the aircraft first moves under its own power (block-
Not included are categories such as military flights, customs and police flights, flights related to search and rescue, fire fighting flights, humanitarian flights, flights performed exclusively under visual flight, training flights, flights performed by aircraft with a certified maximum take-
An aircraft operator making use of the simplified procedure and exceeding the threshold for small emitters during a reporting year shall notify this fact to the competent authority. Unless the aircraft operator demonstrates to the satisfaction of the competent authority, that the threshold will not be exceeded again from the following reporting period onwards, the aircraft operator shall update the monitoring plan to meet the monitoring requirements. The revised monitoring plan shall be submitted without undue delay to the competent authority for approval.
General rules of the Emission trading system
The allocation methodology for the distribution of allowances to aircraft operators will be based on the verified tonne-
The annual issuance of allowances to operators must take place before March of each year. So an aircraft operator will receive the allowances for the year 2012 before March of that same year.
Each operator under the EU ETS has to have a greenhouse gas permit before it can operate. This permit is the monitoring plan. This plan lays down the rules that have to be followed when reporting the CO2 emissions data under the EU ETS. Each year, before April, the aircraft operator has to report the amount of CO2 emissions that have been emitted in the previous year. This report has to comply with the rules of the monitoring plan and has to be verified by an accredited verifier appointed by the operator. Aircraft operators will therefore not be able to appoint an accredited verifier before this time.
Aircraft operators are obliged to match the (verified) emissions with an equal amount of allowances. This is called ‘surrendering’ of allowances. Each aircraft operator has to surrender the allowances (of the previous year) before May of the ongoing year. If an operator is short of allowances it will have to buy allowances from an installation or aircraft operator that has more allowances than needed to cover the verified emissions. A company that does not surrender enough allowances will be fined and will still be obliged to surrender the missing allowances.
EU ETS glossary for the aviation sector
Aerodrome: A defined area on land or water, including buildings, installations and equipment, intended to be used either wholly or in part for the arrival, departure and surface movement of aircraft.
Air operator's certificate (AOC): All commercial air transport operators must have a certificate under Part I of Annex 6 to the Chicago Convention.
Air operator's certificate (AOC): All commercial air transport operators must have a certificate under Part I of Annex 6 to the Chicago Convention.
Auctioning: 5% of the EU Aviation Allowances (EUAAs), i.e. some 30 million per year, will be auctioned from 2012. From 2013, all allowances not allocated free of charge will be auctioned. The Auctioning Regulation provides for allowances to be auctioned in the form of spot products, which means delivery within a maximum of five working days after the auction. Any aviation operator is eligible to apply for admission to bid in auctions.
Backwardation: A market is in backwardation when prices for futures with distant expiry dates are below prices for futures with closer expiry dates.
Banking of allowances: A mechanism whereby participants are able to exchange excess allowances or credits from one trading period for new allowances or credits for use in later trading periods.
Bid: An offer in an auction to acquire a given volume of allowances at a specified price.
Bidding window: The time period during which bids may be submitted.
Backwardation: A market is in backwardation when prices for futures with distant expiry dates are below prices for futures with closer expiry dates.
Banking of allowances: A mechanism whereby participants are able to exchange excess allowances or credits from one trading period for new allowances or credits for use in later trading periods.
Bid: An offer in an auction to acquire a given volume of allowances at a specified price.
Bidding window: The time period during which bids may be submitted.
Call option A contract between two parties to exchange an asset (e.g. CERs, EUAs) at a specified exercise or striking price. In some cases the option can be exercised only on one particular day (known as a European option) or, on or before that day (American option). The call option gives the buyer the right, but not the obligation, to buy the asset at the striking price while the seller has the obligation to sell the asset at the exercise price if the buyer exercises the option. Option trading takes place on a number of exchanges.
Clearing: All processes preceding the opening of the bidding window, during the bidding window and following the closing of the bidding window until settlement, involving the management of any risks arising during that interval, including margining, netting, or novation, or any other services, carried out possibly by a clearing or settlement system;
Clearing system: One or more infrastructure connected to the auction platform that can provide clearing, margining, netting, management of collateral, settlement and delivery, and any other services, carried out by a central counterparty, accessed either directly or indirectly through members of the central counterparty who act as intermediaries between their clients and the central counterparty;
Commercial air transport operators: Commercial air transport operators must hold an air operator's certificate (AOC) under Part I of Annex 6 to the Chicago Convention. Operators without such a certificate are not “commercial air transport operators”
Contango: A market is in contango when prices for futures with distant expiry dates exceed prices for futures with closer expiry dates.
Cost Index: Cost Index is the ratio of Cost of Time divided by the Cost of Fuel including the cost of emission allowances.
Central counterparty: An entity which interposes either directly between an auctioneer and a bidder or its successor in title, or between intermediaries representing them, that acts as the exclusive counterparty to each of them guaranteeing the payment of the auction proceeds to the auctioneer or an intermediary representing it or the delivery of the auctioned allowances to the bidder or an intermediary representing it.
Certified Emission Reduction (CER): The unit of the Kyoto Protocol’s Clean Development Mechanism (CDM), equivalent to 1 metric tonne of CO2 equivalent.
Clean Development Mechanism (CDM): Flexible mechanism under Article 12 of the Kyoto Protocol through which EU companies may finance greenhouse gas emission reduction or removal projects in developing countries and receive credits (CERs) for doing so. These credits may be used up to a certain limit for compliance purposes within the EU ETS.
Clearing house: A clearing house acts as guarantor of the transaction in case of default by either the buyer or seller. Moreover, clearing houses provide netting services that central counterparties do not provide such as daily margining services for futures transactions pending their maturity date. Clearing houses are better suited for payment and delivery in futures auctions which require the netting of such margins.
Clearing price: The price at which the quantity of allowances supplied in an individual auction is equal to the quantity demanded in that auction. All bidders who bid at more than the clearing price receive the allowances that they bid for.
Community independent transaction log (CITL): A log that records the issuance, transfer, cancellation, retirement and banking of allowances that take place in the EU ETS registry. The CITL will be replaced by the European Union Transaction Log (EUTL)
Counterparty: One party to a trade.
Counterparty risk: The risk that a counterparty will not settle an obligation for full value, either when due or at any time thereafter.
Default:: The act of failing to meet an obligation, e.g. to pay for or deliver allowances.
Delivery date: The day on which allowances or credits must be delivered to the buyer.
Delivery versus payment system: A securities settlement system that provides a mechanism that ensures that delivery occurs if and only if payment occurs
Derivative: Futures and options contracts are called derivatives because while their value can diverge from the value of the underlying in the spot or cash market, the value of these contracts is nevertheless derived from the value of the underlying.
Early auctions: Auctions held prior to the relevant year in the trading period. An allowance which falls under the cap calculated e.g. for the year 2014 may be auctioned in 2012 or 2013.
Emission Reduction Unit (ERUs): The unit of the Kyoto Protocol Joint Implementation (JI) flexible mechanism, equivalent to 1 metric tonne of CO2 equivalent.
EU allowances (EUAs): The currency used in the EU ETS. One EUA can be surrendered with respect to 1 metric tonne of CO2 equivalent of verified emissions.
EU Aviation Allowances (EUAAs): The currency used in the EU ETS which can only be used with respect to emissions from aircraft operators. One EUAA can be surrendered with respect to 1 metric tonne CO2 equivalent of verified emissions.
European carbon market: The market encompassing all trading of EU allowances and other carbon currencies such as CERs and ERUs in Europe be it through exchanges or OTC including all associated activities.
European Union Transaction Log (EUTL): A log that records the issuance, transfer, cancellation, retirement and banking of allowances that take place in the EU ETS registry.
The EUTL will replace the CITL in 2012.
Exchanges: Organised markets for the buying and selling of financial instruments and/or commodities.
Five-
Flight: One flight sector, that is a flight or one of a series of flights which commences at a parking place of the aircraft and terminates at a parking place of the aircraft.
Forwards: A transaction between two parties to exchange a fixed volume of allowances against fixed payment at a future date. It is a direct, 'over-
Futures: A standardised, exchange-
Futures auctions: Auctions of allowances in accordance with standardised terms and conditions to be delivered at some future date. Payment is deferred until delivery although buyers and sellers are subject to a margining system in the interim.
Futures position: The holding of futures commitments by an exchange participant.
Great Circle Distance: is the shortest distance between any two points on the surface of a sphere measured along a path on the surface of the sphere
Hedge: Offset exposure to price risk. An electricity producer that, e.g. commits to supply electricity in two years time will have a need for the corresponding EUAs in two years. It may hedge the price risk in the carbon market by buying carbon futures that will guarantee the delivery of allowances at the time it needs them at a pre-
Hybrid approach: Where several auction processes are coordinated by one centralised clearing platform taking into account aggregate demand (all bids collected by the auctioneers) and aggregated supply (all EUAs auctioned by all auctioneers). So calculating the clearing price, resolving ties, managing the corresponding software and possibly collateral, payment and delivery would be carried out at a central level, whereas registering participants and collecting bids would be taken care of by several auction processes at a decentralised level
Initial margin call: The initial security payment made to an exchange's clearing house by the buyer and seller of futures in order to guarantee the eventual trade.
Intermediaries: Companies trading in EUAs or other products on behalf of, or in order to satisfy demand from others, in particular ETS operators.
Issuance date: The date by which freely allocated allowances are issued to ETS operators in a given year. The date by which Member States have to issue EU allowances is 28 February of each year.
Joint Implementation (JI): Flexible mechanism under Article 6 of the Kyoto Protocol through which EU companies may finance greenhouse gas emission reduction or removal projects in other developed countries and receive credits for doing so (ERUs). These credits may be used up to a certain limit for compliance purposes within the EU ETS.
Kyoto credits: Emission reduction credits generated by Clean Development Mechanism or Joint Implementation projects under the Kyoto Protocol.
Long position: The holder of the position owns a commodity or rights to a commodity under a financial instrument and will stand to profit if the price of that commodity rises.
Long-
Lot size: Number of allowances associated with one unit of the auctioned product.
Margining system: A system designed to manage risks pertaining to futures. Under a margining system, the buyer and seller pay an initial margin call of 10% and daily variation margin calls in accordance with changes in the market price of the futures not covered by the 10% initial margin call until maturity of the futures. A margining system is managed by a clearing house.
Market maker: A person who holds himself out on the financial market on a continuous basis as being willing to deal on own account by buying and selling financial instruments against its proprietary capital at prices defined by him.
Market liquidity: The asset's ability (e.g. EUAAs) to be sold without causing a significant movement in the price and with minimum loss of value.
Maturity date: The date when a futures expires. The maturity date of futures is the date where settlement and delivery of the allowances is foreseen.
MRV: Monitoring, reporting and verification of tonne-
National Allocation Plans (NAPs): Member State plans with respect to the first or second trading periods determining the quantity of EU allowances to be issued by that Member State and the method of allocation, in particular with respect to free allocations to installations taking part in the EU ETS in that Member State.
New Entrants Reserve (NER): A quantity of allowances set aside with respect to allocations for free to new installations that are established during the course of a trading period.
Nominated bank account: A bank account designated by an auctioneer, a bidder or its successor in title for the receipt of payments.
Nominated holding account: One or more type of holding account for the purposes of participating in or conducting the auction process including the holding of allowances in escrow, pending their delivery.
Non-
Over-
Phase I: The first EU ETS compliance period (2005 – 2007).
Phase II: The second EU ETS compliance period (2008 – 2012).
Phase III: The third EU ETS compliance period (2013 – 2020).
Primary market: The primary market refers to auctions of EUAs and EUAAs. Primary issuance of allowances takes place in respect of free allocation (which is not a 'market') and in respect of auctioned allowances.
Put option A contract between two parties to exchange an asset (e.g. CER, EUA) at a specified exercise or striking price. In some cases the option can be exercised only on one particular day (known as a European option) or, on or before that day (American option). The put option gives the buyer the right, but not an obligation, to sell the asset at the striking price while the seller has the obligation to buy the asset at the exercise price if the buyer exercises the option. Option trading takes place on a number of exchanges.
Removal units (RMUs): Units issued by Annex B Parties on the basis of their land use, land-
Reserve price: The minimum price the seller will accept at auction.
Secondary market: The market in which carbon units (EU allowances, CERs or ERUs) are traded after they are initially offered in the primary market. In the secondary carbon market an traders transact with each other rather than with an issuing authority.
Settlement: Payment by a successful bidder, or its successor in title, or a central counterparty, or a settlement agent of the sum due for allowances to be delivered to that bidder or its successor in title, or a central counterparty, or a settlement agent, and delivery of the allowances to the successful bidder or its successor in title, or a central counterparty or a settlement agent.
Settlement date: The date on which a carbon trade is closed out through payment of the amount due.
Short position: The holder of the position owes obligations to deliver a commodity or financial instrument that it does not necessarily own at a future date at a pre-
Single-
Spot futures: A futures trade with a maturity date only a few days after the contract date. Spot futures are regulated as financial instruments in the Markets in Financial Instruments Directive (MiFID), though in practice they have characteristics comparable to spot trades.
Spot: A transaction in which a commodity is bought or sold for immediate delivery or delivery in the very near future.
Spot auctions: Refer to auctions resulting in immediate or near immediate payment and delivery.
Spreads: The price difference between two defined assets (e.g. EUA -
.
Surrendering: The annual process whereby ETS operators submit EUAs to the appropriate national registry in order to comply with their obligations arising from emitting greenhouse gases. Verified emissions must be matched by an equal amount of allowances.
Surrendering date: The deadline for ETS operators to surrender allowances with respect to their emissions in a given year. This date is 30 April of the following year.
Temporary certified emission reductions (tCERs): CERSs issued in respect of afforestation or reforestation CDM project activities.
Two-
Trading period: EU allowances are valid for a specific multi-
Uniform-
price for the auctioned asset.
VaR -
EU Emissions Trading System
Our services for airlines in the EU ETS
Our leading experts in fuel efficiency in the aviation sector and in the EU Emissions Trading System assist small and large airlines to improve their fuel efficiency and to develop optimal trading strategies in the carbon market. Our experts have more than 15 years of experience in helping corporations develop the most adequate emissions trading strategies, manage risks and make use of financial opportunities created by the EU ETS.
Our services include the www.airets.org website dedicated to the EU ETS for the aviation
sector, a forum for financial and ETS managers in the aviation sector to learn and
exchange information and to facilitate OTC trading, online training on efficient
trading in the EU ETS, support in the development and implementation of efficient
trading strategies, marginal abatement costs curves, selection of supporting tools
to manage compliance risk and the portfolio of environmental assets, advice on purchasing
and selling of EU Aviation Allowances (EUAAs), EUAs, CERs, and ERUs, on the trading
of EUAAs between aircraft operators, swaps and forward trading, counterparty risk,
transaction risks, risks of fraud in the ETS and internal security procedures, escrow,
clearing and settlement and support in the creation of business groupings of airlines
to bid in auctions and to increase liquidity in OTC trading.
Our next web training course on carbon trading for the aviation sector will be held in February 2012 with a follow up session in October 2012.
“How to minimize costs and to maximize value in the EU Emissions Trading System -
